Deputy Minister of Industry and Trade Cao Quoc Hung at the event

At the event, the co-chairs viewed the implementation of cooperation contents agreed since the third session, and put forth orientations and measures to boost the two countries’ future cooperation in the coming time.

Both sides agreed on the importance of the joint committee mechanism in developing friendship and cooperation, and continuing to pave the way for expanding multifaceted collaboration between the two countries.

According to Deputy Minister Cao Quoc Hung, Vietnam and Saudi Arabia have supported each other at international and regional forums, as well as multilateralism, international law, the United Nations Charter and the role of the UN in ensuring global peace and development.

Hung said Saudi Arabia is a major market and one of Vietnam’s important partners in the Middle East - Africa region, while highlighting the development of the two countries’ economic and trade ties in recent times.

The two countries’ import-export value has been rising and hit 1.87 billion USD in 2014. In 2020, the figure reached 1.6 billion USD despite the impacts of the COVID-19 pandemic.

The minutes of meeting is signed

However, investment from Saudi Arabian enterprises to Vietnam is still modest, although their financial potential and strength are huge, and Vietnam boasts potential and advantages on investment and business environment.

Therefore, Vietnam encourages and is willing to create favorable conditions for Saudi Arabian businesses to invest in Vietnam, so as to increase and promote the two countries’ cooperation.

Saudi Arabia is running six projects with total registered capital of 2.37 million USD in Vietnam, ranking 89th among 139 countries and territories investing in the Southeast Asian nation.

The fourth session focused on certain priority areas to promote cooperation such as enhancing bilateral trade through diversifying imports on the basis of demand and strength of each country, increasing investment attraction from Saudi Arabia to Vietnam, and removing difficulties in bilateral trade ties.

The two sides looked towards the early conclusion of the necessary legal framework to facilitate and support payment, trade and investment activities of businesses and people of the two countries.

They discussed how to increase cooperation in energy, electricity, oil and gas, renewable energy, chemicals, food processing, construction of infrastructure like airport, seaports, roads, industrial parks, high-end resorts, hotels, urban areas, and industrial and agricultural production.

Besides, they also discussed measures to boost cooperation in fields as defense-security, labor, healthcare, education, culture, tourism, agriculture, industry, information technology.

Deputy Minister Cao Quoc Hung from Hanoi and Deputy Minister Bandar AlKhamies from Riyalh signed the minutes of meeting. They agreed that the fifth session will take place in 2023 in Saudi Arabia.

Source: VNA